Prepare summary journal entries to record the following transactions for a company in its first month of operations.

1. Raw materials purchased on account, $108,000.
2. Direct materials used in production, $44,000. Indirect materials used in production, $19,800.
3. Paid cash for factory payroll, $70,000. Of this total, $46,000 is for direct labor and $24,000 is for indirect labor.
4. Paid cash for other actual overhead costs, $8,750.
5. Applied overhead at the rate of 120% of direct labor cost.
6. Transferred cost of jobs completed to finished goods, $86,000.
7. Sold jobs on account for $123,000. The jobs had a cost of $86,000.